US President Donald Trump at a press briefing at the White House in Washington, DC, on April 19, 2020. AFP
US President Donald Trump at a press briefing at the White House in Washington, DC, on April 19, 2020. AFP
US President Donald Trump at a press briefing at the White House in Washington, DC, on April 19, 2020. AFP
US President Donald Trump at a press briefing at the White House in Washington, DC, on April 19, 2020. AFP

The Americas

Washington riots: the best quotes from a night of chaos at end of Trump presidency

From Barack Obama to Boris Johnson, here is what was said about the assault on the US Capitol

The National

January 08, 2021

  • English
  • Arabic

It was a night like no other in the recent history of the United States capital.

The assault of a violent rabble on the institutions of the US government that followed a speech by President Donald Trump and coincided with a Congressional session to confirm the new president as Joe Biden, has drawn a huge response by the world on social media, but also by prominent figures at home in America and around the world.

  • An explosion caused by a police munition is seen while supporters of former president Donald Trump gather in front of the US Capitol Building in Washington, US, January 6, 2021. Reuters
    An explosion caused by a police munition is seen while supporters of former president Donald Trump gather in front of the US Capitol Building in Washington, US, January 6, 2021. Reuters
  • A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington. EPA
    A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington. EPA
  • Police detain a person as supporters of US President Donald Trump protest outside the US Capitol. AFP
    Police detain a person as supporters of US President Donald Trump protest outside the US Capitol. AFP
  • Protesters enter the US Capitol Building. AFP
    Protesters enter the US Capitol Building. AFP
  • A protester holds a Trump flag inside the US Capitol Building near the Senate Chamber. AFP
    A protester holds a Trump flag inside the US Capitol Building near the Senate Chamber. AFP
  • US Capitol police officers point their guns at a door that was vandalized in the House Chamber during a joint session of Congress. AFP
    US Capitol police officers point their guns at a door that was vandalized in the House Chamber during a joint session of Congress. AFP
  • Members of congress run for cover as protesters try to enter the House Chamber during a joint session of Congress. AFP
    Members of congress run for cover as protesters try to enter the House Chamber during a joint session of Congress. AFP
  • Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
    Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
  • Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
    Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
  • Congress staffers hold up their hands while Capitol Police Swat teams check everyone in the room as they secure the floor of Trump supporters. AFP
    Congress staffers hold up their hands while Capitol Police Swat teams check everyone in the room as they secure the floor of Trump supporters. AFP
  • US Capitol Police stand detain protesters outside of the House Chamber during a joint session of Congress. AFP
    US Capitol Police stand detain protesters outside of the House Chamber during a joint session of Congress. AFP
  • A supporter of US President Donald Trump sits at a desk after invading the Capitol Building. AFP
    A supporter of US President Donald Trump sits at a desk after invading the Capitol Building. AFP
  • A protester sits in the Senate Chamber. AFP
    A protester sits in the Senate Chamber. AFP
  • Pro-Trump protesters tear down a barricade as they clash with Capitol police during a rally to contest the certification of the 2020 US presidential election results by the US Congress. Reuters
    Pro-Trump protesters tear down a barricade as they clash with Capitol police during a rally to contest the certification of the 2020 US presidential election results by the US Congress. Reuters
  • Police hold back supporters of US President Donald Trump as they gather outside the US Capitol's Rotunda. AFP
    Police hold back supporters of US President Donald Trump as they gather outside the US Capitol's Rotunda. AFP
  • Supporters of US President Donald Trump enter the US Capitol's Rotunda. AFP
    Supporters of US President Donald Trump enter the US Capitol's Rotunda. AFP
  • A protester is seen hanging from the balcony in the Senate Chamber. AFP
    A protester is seen hanging from the balcony in the Senate Chamber. AFP
  • Riot police prepare to move demonstrators away from the US Capitol. AFP
    Riot police prepare to move demonstrators away from the US Capitol. AFP
  • Trump supporters clash with police and security forces as they storm the US Capitol. AFP
    Trump supporters clash with police and security forces as they storm the US Capitol. AFP
  • Trump supporters clash with police and security forces, as they storm the US Capitol. AFP
    Trump supporters clash with police and security forces, as they storm the US Capitol. AFP
  • A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol. AFP
    A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol. AFP
  • Pro-Trump supporters storm the US Capitol following a rally. AFP
    Pro-Trump supporters storm the US Capitol following a rally. AFP
  • Supporters of US President Donald Trump protest inside the US Capitol. AFP
    Supporters of US President Donald Trump protest inside the US Capitol. AFP
  • US President Donald Trump is seen on TV from a video message released on Twitter addressing rioters at the US Capitol, in the Brady Briefing Room at the White House in Washington, DC. AFP
    US President Donald Trump is seen on TV from a video message released on Twitter addressing rioters at the US Capitol, in the Brady Briefing Room at the White House in Washington, DC. AFP
  • Trump supporters clash with police and security forces as they storm the US Capitol in Washington, DC. AFP
    Trump supporters clash with police and security forces as they storm the US Capitol in Washington, DC. AFP
  • Supporters of US President Donald Trump protest in the US Capitol Rotunda. AFP
    Supporters of US President Donald Trump protest in the US Capitol Rotunda. AFP
  • Paramedics perform cardiopulmonary resuscitation on a patient. AFP
    Paramedics perform cardiopulmonary resuscitation on a patient. AFP
  • A wounded protester is carried on barricade as demonstrators breach the US Capital building grounds. Bloomberg
    A wounded protester is carried on barricade as demonstrators breach the US Capital building grounds. Bloomberg
  • US Vice President Mike Pence and House Speaker Nancy Pelosi preside over a joint session of Congress to certify the 2020 Electoral College results after supporters of President Donald Trump stormed the Capitol earlier in the day on Capitol Hill in Washington, DC. EPA
    US Vice President Mike Pence and House Speaker Nancy Pelosi preside over a joint session of Congress to certify the 2020 Electoral College results after supporters of President Donald Trump stormed the Capitol earlier in the day on Capitol Hill in Washington, DC. EPA
  • Rep. Andy Kim, D-N.J., cleans up debris and personal belongings strewn across the floor of the Rotunda in the early morning hours of the morning, after protesters stormed the Capitol in Washington. AP
    Rep. Andy Kim, D-N.J., cleans up debris and personal belongings strewn across the floor of the Rotunda in the early morning hours of the morning, after protesters stormed the Capitol in Washington. AP

What were the most striking comments of Wednesday night in Washington and during Thursday's aftermath? We run a selection here:

"We love you. You're very special." - President Donald Trump to his supporters

"To those who wreaked havoc in our Capitol today, you did not win. Violence never wins. Freedom wins." - Vice-President Mike Pence

"Today is a reminder, a painful one, that democracy is fragile. To preserve it requires people of good will, leaders with the courage to stand up, who are devoted not to pursuit of power and personal interest at any cost, but to the common good." - US President-Elect Joe Biden

"Shocking scenes in Washington, D.C. The outcome of this democratic election must be respected." - Nato Secretary General Jens Stoltenberg

"What the mob did to our Senate Chamber today was an utter disgrace." - US National Security Adviser Robert O'Brien

"Trump and I, we had a hell of a journey. I hate it being this way … all I can say is count me out. Enough is enough. I tried to be helpful." - Republican Senator Lyndsey Graham

"History will rightly remember today's violence at the Capitol, incited by a sitting president who has continued to baselessly lie about the outcome of a lawful election, as a moment of great dishonor and shame for our nation." – Former US President Barack Obama

  • A protester yells inside the Senate Chamber. AFP
    A protester yells inside the Senate Chamber. AFP
  • epa08923404 Supporters of US President Donald J. Trump outside the senate chambers after breaching Capitol security in Washington, DC, USA, 06 January 2021. Protesters entered the US Capitol where the Electoral College vote certification for President-elect Joe Biden took place. EPA/JIM LO SCALZO
    epa08923404 Supporters of US President Donald J. Trump outside the senate chambers after breaching Capitol security in Washington, DC, USA, 06 January 2021. Protesters entered the US Capitol where the Electoral College vote certification for President-elect Joe Biden took place. EPA/JIM LO SCALZO
  • Leigh Ann Luck dressed up as Statue of Liberty shouts as supporters of U.S. President Donald Trump gather near U.S. Capitol building in Washington, U.S., January 6, 2021. REUTERS/Leah Millis TPX IMAGES OF THE DAY
    Leigh Ann Luck dressed up as Statue of Liberty shouts as supporters of U.S. President Donald Trump gather near U.S. Capitol building in Washington, U.S., January 6, 2021. REUTERS/Leah Millis TPX IMAGES OF THE DAY
  • People are seen in the House gallery as protesters try to break into the House Chamber at the U.S. Capitol on Wednesday, Jan. 6, 2021, in Washington. (AP Photo/Andrew Harnik)
    People are seen in the House gallery as protesters try to break into the House Chamber at the U.S. Capitol on Wednesday, Jan. 6, 2021, in Washington. (AP Photo/Andrew Harnik)
  • Protesters enter the U.S. Capitol Building. AFP
    Protesters enter the U.S. Capitol Building. AFP
  • epa08923440 A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington, DC, USA, 06 January 2021. Protesters stormed the US Capitol where the Electoral College vote certification for President-elect Joe Biden took place. EPA/JIM LO SCALZO
    epa08923440 A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington, DC, USA, 06 January 2021. Protesters stormed the US Capitol where the Electoral College vote certification for President-elect Joe Biden took place. EPA/JIM LO SCALZO
  • TOPSHOT - A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. President-elect Joe Biden denounced the storming of the US Capitol as an "insurrection" and demanded President Donald Trump go on television to call an end to the violent "siege." / AFP / Brendan SMIALOWSKI
    TOPSHOT - A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. President-elect Joe Biden denounced the storming of the US Capitol as an "insurrection" and demanded President Donald Trump go on television to call an end to the violent "siege." / AFP / Brendan SMIALOWSKI
  • TOPSHOT - Supporters of US President Donald Trump enter the US Capitol's Rotunda on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
    TOPSHOT - Supporters of US President Donald Trump enter the US Capitol's Rotunda on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
  • TOPSHOT - Supporters of US President Donald Trump enter the US Capitol on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
    TOPSHOT - Supporters of US President Donald Trump enter the US Capitol on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
  • TOPSHOT - A supporter of US President Donald Trump sits at a desk after invading the Capitol Building on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
    TOPSHOT - A supporter of US President Donald Trump sits at a desk after invading the Capitol Building on January 6, 2021, in Washington, DC. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Saul LOEB
  • TOPSHOT - A man calls on people to raid the building as Trump supporters clash with police and security forces as they try to storm the US Capitol in Washington D.C on January 6, 2021. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Joseph Prezioso
    TOPSHOT - A man calls on people to raid the building as Trump supporters clash with police and security forces as they try to storm the US Capitol in Washington D.C on January 6, 2021. Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. / AFP / Joseph Prezioso
  • Trump supporters gesture to U.S. Capitol Police in the hallway outside of the Senate chamber at the Capitol in Washington, Wednesday, Jan. 6, 2021. (AP Photo/Manuel Balce Ceneta)
    Trump supporters gesture to U.S. Capitol Police in the hallway outside of the Senate chamber at the Capitol in Washington, Wednesday, Jan. 6, 2021. (AP Photo/Manuel Balce Ceneta)

"This is a national tragedy and is not who we are as a nation." – Former US President Jimmy Carter

"This is how election results are disputed in a banana republic." – Former US President George W Bush

"Today, America looked into the abyss created by Donald Trump and my fervent hope is that even his enablers will now finally draw back in horror." - Former US Vice President Al Gore

"I have no doubt that... American democracy will prevail. It always has." – Benjamin Netanyahu, Israeli Prime Minister

"It is now vital that there should be a peaceful and orderly transfer of power." - Boris Johnson, UK Prime Minister

"What happened today in Washington DC is definitely not American." - French President Emmanuel Macron

"Violence will never succeed in overruling the will of the people. Democracy in the US must be upheld, and it will be." - Justin Trudeau, Canadian Prime Minister

"Yesterday was a dark day for the United States." - Woody Johnson, US Ambassador to the UK

"Our democratic institutions have been strong for a very long period of time, our democracy will prevail and our institutions will remain strong. Now is the time for our nation to come together as one and to respect the democratic process in the United States." - US Treasury Secretary Steve Mnuchin 

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars

 

 

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
While you're here
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
The Indo-Pacific
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

Saudi National Day
A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

RESULT

Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea
MATCH INFO

FA Cup final

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

While you're here
Joe BidenDonald Trump